Thursday 28 Mar 2024
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KUALA LUMPUR: The Employees Provident Fund (EPF) is commencing engagement programmes with key stakeholders and members from Monday on the issue of permissible full withdrawal age for Account I.

“The engagement programmes will cover areas of improvements and enhancements to current EPF services and offerings as well as proposals for addressing issues related to the inadequacy of retirement savings for the long term,” the EPF said in a statement yesterday.

“Information on the proposals and options will be made available to the public on myEPF website starting Monday (April 20),” the retirement fund added.

According to the statement, EPF members will be able to provide input and comments on the proposals and options through the secure and confidential i-Akaun platform from Tuesday.

“The EPF assures that any major amendments or decisions made will always be in the best interests of its members and only after prior consultation with all key stakeholders,” it said.

This forms part of the EPF’s efforts to realign the current withdrawal age of 55 with the retirement age of 60.

Earlier this week, the Congress of Unions of Employees in the Public and Civil Services (Cuepacs) had proposed that the EPF considers giving a choice to workers to decide on their own whether to withdraw at age 55 or 60.

Cuepacs president Datuk Azih Muda reportedly said that there were several factors such as health, lifestyle and job types which caused a worker to retire earlier than 60.

 

This article first appeared in The Edge Financial Daily, on April 16, 2015.

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